Power battery management systems are electronic devices used to monitor and control charging and discharging of a rechargeable battery. Power battery management systems protects and manages the cells in the battery pack. Government initiatives in form of subsidies and tax exemptions have encouraged adoption of electric vehicles. Growing need for managing batteries in hybrid electric vehicles is identified as the major factor driving the global power battery management systems market. Power battery management system safely connects the battery to different loads by eliminating excessive inrush currents to load capacitors. These systems protects the battery from damage, thereby ensuring extended battery life. It extends the life of battery by efficiently monitoring the charging and discharging process of the battery through alerts regarding the state of health of battery, state of charge, and remaining useful life of the battery. Hence, growth of automotive industry is likely to add to the demand for power battery management market over the forecast period (2018 – 2026).
Power battery management system is specifically designed with modular architecture for enabling performance and cost optimized scaling. In recent years, demand for e-vehicles has increased with many automotive manufacturers investing heavily in these vehicles. For instance, in October 2017, Volvo and its Chinese parent company Geely entered in the race of electric vehicles manufacturing with the launch of its new electronic sports car. Thus, demand for electric vehicles is expected to surge in coming years, thereby supporting need for power battery management systems. Furthermore, integration of power battery management system in renewable energy systems for improving the power quality of renewable energy hybrid power generation systems is anticipated to enhance the growth of the power battery management system market worldwide in the coming years.
Smartphone manufacturers including Samsung Electronics Co., Ltd., LG Electronics, etc. are striving to offer high capacity batteries for their high-range products. These smartphones consume excessive battery due to requisite compliance with advanced network technologies (LTE, 5G, etc.). Thus, smartphone manufacturers are foreseeing an opportunity of incorporating power battery management systems to monitor and control the batteries used in smartphones. On the contrary, high maintenance costs coupled with lack of technical knowledge with respect to installations acts as a major restraining factor to the growth of the global power battery management system market.
The global power battery management system market is segmented on the following basis:
- Battery Type
- Lithium-ion Batteries
- Lead-acid Batteries
- Nickel-metal hydride Batteries
- Flow Batteries
- Consumer Electronics
- North America
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of World
- Middle East & Africa
- Latin America
Key Players Identified for Power Battery Management System (BMS) Market Include but are Not Limited to:
AES Tietê S.A., Continental AG, AEG Power Solutions, Hyundai Kefico Corporation, Johnson Matthey Battery Systems, LG Chem Ltd., Nuvation Energy, Linear Technology Corporation, Robert Bosch GmbH, Su-Kam Power Systems Ltd. among others